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<br /> by the Village, which the Village shall covenant to impose and
<br /> collect at the times and in the amounts required to produce net
<br /> revenues adequate to pay all principal and interest of said Water
<br /> Facility Bonds, the $800,000 Sewage Facility Bonds of 1968 and
<br /> the $1,000,000 Sewage Facility Bonds of 1967 heretofore issued, and
<br /> any similar bonds issued in the future, all as required and contem-
<br /> plated by said Section 444.075 and to constitute said Bonds
<br /> obligations payable wholly from the income of the sewage and water
<br /> !System within the meaning of Subdivision 3 of said section and of
<br /> Section 475.51 and 475.58, Minnesota Statutes; provided, however,
<br /> that the pledge of net revenues shall not be exclusive and such
<br /> revenues may be equally and ratably pledged to additional series of
<br /> bonds providing additional funds for such project or for any other
<br /> sewer or water project in the Village meeting the requirements of
<br /> such Sections or amendments thereto.
<br /> 2. The Village Manager and Village Clerk shall receive and
<br /> open bids at 7:00 o'clock P.M. and the Village Council shall meet at
<br /> the Village Hall in said Village on Tuesday, the 17th day of November,
<br /> 1970, at 8:00 o'clock P.M., C.S.T., for the purpose of receiving and
<br /> considering sealed bids for the purchase of said Water Facility Bonds.
<br /> The Village Clerk is authorized and directed to give notice of such
<br /> meeting by publication at least ten days in advance ip the official
<br /> newspaper and in Commercial West, a financial paper published in the
<br /> City of Minneapolis, Minnesota. Said notice shall recite substanti-
<br /> ally the following: Both principal and interest shall be payable at
<br /> any suitable bank designated by the purchaser within 48 hours after
<br /> the award of sale of the Bonds, and except for four bonds in the
<br /> denomination of $1,000 or as otherwise specified by the successful
<br /> bidder, the Bonds will be in the denomination of $5,000 each. The
<br /> Vi1~age will furnish printed Bonds and the approving legal opinion
<br /> of Xessrs. Faegre & Benson, Minneapolis, Minnesota, both without
<br /> expense to the purchaser. At the option of the -purchaser, a copy
<br /> of the approving opinion will be reproduced on the printed Bonds.
<br /> The Bonds will be delivered to the purchaser within thirty days from
<br /> the date of sale at the expense of the Village at such place within
<br /> the continental United States as the purchaser may designate, accom-
<br /> panied by unqualified approving legal opinions and customary final
<br /> delivery papers, including certificates showing absence of litigation.
<br /> All bids must be in writing, enclosed in a sealed envelope, suitably
<br /> marked as a bid for bonds, be unconditional except as to the above
<br /> opinion, specify one or more rates of interest within the limita-
<br /> tions prescribed below, and be delivered or mailed for delivery and
<br /> received prior to the above time, accompanied by a certified check,
<br /> bank draft or cashier's check in the amount of at least $24,000,
<br /> payable to the order of the village, to be forfeited as liquidated
<br /> damages in event the bid is accepted and the bidder fails to
<br /> comply therewith. The purchase price for the issue shall be
<br /> specified in each bid in an amount not less than $1,200,000 plus
<br /> accrued interest on the entire principal amount of Bonds. Split
<br /> rate bids may be submitted but bids shall state one rate of interest
<br /> from the date of issue to maturity for all Bonds having a common
<br /> maturity date. Not more than five such rates may be specified, and
<br /> the maturities may not be split more than five ways to designate
<br /> such rates. Extra coupon bids will not be considered. The basic
<br /> rate for any maturity shall not be lower than the basic rate for any
<br /> prior maturity. The rate for each Bond must be in a multiple of
<br /> 5/100 of one per cent per annum, and no rate may exceed 7% per annum.
<br /> The bid offering the lowest net interest cost will be deemed the most
<br /> favorable. Net interest cost will be computed by adding the amount
<br /> of any discount ($1,224,000 less amount of purchase price) to, or
<br /> suptracting the amount of any premium (excess of purchase price over
<br /> $1,224,000) from, the total interest coupons from date of the Bonds
<br /> to stated maturities. Bidders are asked but not required to state
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